On th Deed but Not the Mortgage?

Posted by: adavid02

On th Deed but Not the Mortgage? - 04/21/16 11:34 AM

The house was purchased prior to the marriage. I was not able to be on the mortgage due to student loan/credit issues. I was later added to the deed via a quitclaim. The county is Cherokee.
Since I am not liable for the mortgage, if the house were sold, would my entitlement be to half of the full selling price regardless of the mortgage balance? I.e. would I have any responsibility in paying off the mortgage in the event of a sale?
Posted by: MinnesotaMom

Re: On th Deed but Not the Mortgage? - 04/21/16 12:19 PM

You are entitled to 1/2 the equity, not 1/2 the selling price. The mortgage would have to paid off first, then any other liabilities, such as back taxes, realtor fees or any bills associated with the home. then the remaining balance is split.
Posted by: TJMH

Re: On th Deed but Not the Mortgage? - 04/21/16 03:05 PM

As MM said, the mortgage is still considered a marital debt even if you're not named on the loan so in the divorce division of property you're both equally responsible for it. Same with any other debt like car loans, credit cards, etc. that were incurred during the marriage.